B6.  LO 7.3Record the following transactions in the purchases journal: Feb. 2 Purchased inventory on account from Pinetop Inc. (vendor account number 3765), Purchase Order (PO) # 12345 in the amount of $3,456. Feb. 8 Purchased inventory on account from Sherwood Company (vendor account number 5461), PO# 12346, in the amount of $2,951. Feb. 12 Purchased inventory on account from Green Valley Inc. (vendor #4653), PO# 12347, in the amount of $4,631.

Q: Jackson's Clothing Store has provided the following details: Jan. 10 Inventory purchased on account…

A: Based on the given information, let's calculate the payment made to the vendor for the purchases on…

Q: Jun. 20 Jun. 20 Jul. 4 Jul. 14 Jul. 16 Jul. 18 Jul. 24 Purchased inventory of $5,300 on account from…

A: The journal entries are prepared to record the transactions on regular basis. The perpetual…

Q: ) Using a perpetual inventory system, how should a company record the sale of inventory costing $620…

A: JOURNAL ENTRIES Journal Entry is the First stage of Accounting Process. Journal Entry is the Process…

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Q: Following Information is taken form the Books of Ahmed’s Store who uses perpetual inventory system.…

A: Hey, since there are multiple questions posted, we will answer the first question. If you want any…

Q: Account Receivable Dr. Sales Revenue Cr. Cost of Good Sold Dr. Inventory Cr.

A: Accounts receivable is an asset account that is debited when a debtor is created. When a sale is…

Q: Determine the cost of merchandise sold for the transaction on October 25 using the perpetual…

A: In FIFO it is assumed that the first purchased item will be sold first. So, the closing inventory…

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A: A sales discount is a motivation provided by a seller to prompt buyers to make payments promptly. It…

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A: Answer -   Calculation of Inventory Shrinkage Cost : Units to be hand = Beginning inventory +…

Q: Sold merchandise on account, $72,500 with terms 2/10, n/30. The cost of the merchandise sold was…

A: Discount amount = Amount receivable x rate of discount = $72,500 x 2% = $1,450

Q: i More Info 3 Purchased inventory on account with credit terms of 1/10, n/EOM, $1,600. 9 Returned…

A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…

Q: A company that uses a perpetual inventory system purchased inventory on account and later returned…

A: The objective of the question is to identify the correct journal entry to record the return of…

Q: Some of the transactions of Oriole Company during August are listed below. Oriole uses the periodic…

A: Journal entry is the method of recording day to day  business   transactions in to the  accounting…

Q: Assume that Bean Town Coffee Shop completed the following periodic inventory transactions for a line…

A: Inventory includes all the items, merchandise, and raw materials that are used by the business…

Q: Calculaie inventory and cosi of goods sold using nva cosn flow inerhods in a perperual inventory…

A: “Since you have posted a many question, we will solve first question for you. To get the remaining…

Q: TB MC Qu. 05-160 (Algo) Salmone Company reported... Salmone Company reported the following purchases…

A: Inventory is valued on the basis of different inventory valuation methods such as LIFO, FIFO, or…

Q: TB MC Qu. 8-48 (Static) A company purchases inventory for... A company purchases inventory for…

A: The inventory is recorded differently under different approaches as perpetual and periodic inventory…

Q: am. 119.

A: The journal entries are recorded by calculating the following values:Resultant values:

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A: Purchases = $ 1,500 Discount = $ 30

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A: The correct option with proper explanation are as follows

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Q: Sampson Co. sold merchandise to Batson Co. on account, $38,400, terms 2/15, net 45. The cost of the…

A: Sales discount = Sales value x discount rate = $38,400 x 2% = $768

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A: Ending inventory = Purchase - purchase return - cost of goods sold =…

Q: 6-An item of merchandise was sold for RO 1600 cash by a business using the perpetual inventory…

A: Please see the next step for the solution

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A: There are two method of inventory management: Perpetual Inventory System and Periodic Inventory…

Q: Dickson Co., purchased inventory with an invoice price of $2,200, shipping charges of $200,…

A: The purchase would include the cost that has been incurred while purchasing the inventory.

Q: Purchase-Related Transactions Journalize entries for the following related transactions of…

A: Journal is the book whick keeps the record of daily day to day transaction.

Q: Rita Company buys merchandise on account from Linus Company. The selling price of the goods is $900,…

A: Journal entry in the books of buyer and seller are as follows

Q: 1. Business purchased $3600 inventory from westlem terms 1/10,n/20 FOB . what is the merchandise…

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Q: PA5. LO 7.4 Brown Inc. records purchases in a purchases journal and purchase returns in the general…

A:

Q: Recording Purchases Dawson Enterprises, uses the perpetual system to record inventory transactions.…

A: JOURNAL ENTRIESJournal Entry is the first stage of Accounting Process. Journal Entry is the Process…

Q: 17. Aug L Co purchased goods on credit from Noir $200. 25 Aug L Co sold goods for $120. 31 Aug…

A: Inventory accounting means where inventory records are kept so as to find out value of inventory on…

Q: 7. Company A records purchases using the net price method. It an item is purchased from a supplier…

A: Under the net method, purchases are recorded at the discounted price. Purchase discount is not…

Q: ses we physica still on

A: Hello. Since your question has multiple parts, we will solve first question  for you. If you want…

Q: Following Information is taken form the Books of Ahmed’s Store who uses perpetual inventory system.…

A: Definition: Perpetual inventory system: The method or system of maintaining, recording, and…

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A: We know that,  Prepaid insurance is a asset account and  Insurance expenses is an expense accounts.…

Q: Prepare journal entries to record each of the following transactions. The company records purchases…

A: Journal entries (JE) refers to recording of transactions into the books of accounts or original…

Q: Assume that Marigold Corp. uses a periodic inventory system and has these account balances:…

A: Calculate net purchases.

Q: Required information [The following information applies to the questions displayed below.] Sandra's…

A: Ending Inventory: It is the amount of stock available at the reporting date.Cost of goods Sold: It…

Q: 3. A company uses the periodic inventory system, and the following information is available. All…

A: LIFO: It is the method used for the valuation of the inventories. Under this method, the inventories…

Q: 51 Required information [The following information applies to the questions displayed below]…

A: LIFO Method is inventory valuation method. LIFO stands for Last in first out. It means that newer…

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.